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House Majority Leader Eric Cantor today called for a "binding timeframe" in the White House-Congress negotiations to find long-term solutions for the nation's deficit and debt.
Cantor also repeated the GOP threat that Repubilcans won't vote to raise the debt ceiling unless there are serious reforms to reduce spending.(Emphasis is ours.)
Earlier this week, S&P downgraded the United States' long-term credit rating as a result of irresponsible spending practices, further highlighting the need to act immediately and take serious and binding steps to get our fiscal house in order. That is why it is so important that the latest iteration of the President's fiscal commission be a serious and sincere effort to manage down our debt and foster long-term economic growth, and not serve as yet another arena for political theater. For this commission to succeed, the President must agree to work with us in earnest. Going in, we need a clearly defined mission and a targeted purpose to be accomplished within a specific and binding timeframe. Our economy, global markets, job creators and families cannot afford to wait for the White House and Democrats to drag their feet when it comes to reducing our nation's debt and deficit; we need real results immediately to make Washington begin to live within its means and get people back to work.
With the debt limit window fast approaching, House Republicans have made clear that if the President and our Democratic colleagues refuse to accept serious reforms that immediately reduce federal spending and end the culture of debt in Washington, we will not grant their request for a debt limit increase. As the Washington Post pointed out, 'the looming debt limit votes offers an opportunity to accomplish some real deficit reduction.' We cannot afford to sit idly by and blindly raise the debt limit without binding and real spending reforms that will guarantee we don't continue these bad spending practices in the future.
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Now that's SOME funny stuff...
The 'Wannbe Speaker' Cantor is calling for a 'binding timeline' while these clown are currently enjoying ANOTHER 2 weeks recess!
As usual it's peppered with more partisian threats! *yawn*
No Republican can be taken seriously as wanting to tackle the deficit while they continue to rule out increases in revenue. Whether the increases take the form of raising tax rates or the elimination of tax preference items (the so called "loopholes") some revenue enhancement must take place.
Simultaneously, the so-called corporate welfare begin given to the likes of GE, ADM, Dow Chemical and others must be curtailed. There is no reason, other than politcal bribes (sorry, I meant campaign contributions) for a company earning billions to be receiving billions from the US at a time we have a multi-trillion dollar deficit. If we cut this kind of wasteful spending, we could pay off the debt.
Cantor has no interest in compromising with the President. A more disgusting display of cockiness is hard to find in the people's House. He is just sound bites and wants Boehner's job. He grandstands. Comes from another welfare state, Tennessee. A state that has no excuse for taking more money from the federal government than it gives. Relying on the government teat to make ends meet does not qualify you to be working on a budget. Mr. Cantor you have no clue how to work on a budget. This is no time for an internship for you! Let the big boys and girls who come from states who contribute to the federal government do the work.
Ana, Cantor represents Richmond Va.'s district, not Tennessee! FYI.
Rick KY,
Thanks for correcting me. Virginia . . . An even worse abuser than Tennessee when it comes to the government teat. My geography sucks! Thank God for GPS!
dirp101 "No Republican can be taken seriously as wanting to tackle the deficit while they continue to rule out increases in revenue."
And no Democrat can be taken seriously as wanting to tackle the deficit while they continue to rule out REAL (a) spending cuts.
I would suggest that, for every dollar of REAL spending cuts, they get a dollar of tax increases (starting with the 'rich'). That way, the deficit will be reduced twice as fast as spending cuts or tax increases alone.
(a) By REAL spending cuts, I mean cuts from CURRENT spending levels (and that includes the Pentagon), not the old 'shell game' of proposing big spending INCREASES and then saying "I'm 'cutting the budget' by reducing my spending increases."
Roy Wilson: "Oh no, not defense spending!! Aahhhhhh!!!!" *snark*
If the government did that, we might truly, actually cut the deficit, and (OMG) start to pay down the debt. If we also decided to end our misadventures in the middle-east at the same time (some call them Wars, though Congress has not Declared War since 1941) we might also save thousands of lives, both US citizens and locals.
I agree, there does have to be "REAL" spending cuts. At the same time there has to be "REAL" revenue increases and "REAL" tax code reform. Enough of the shell game where the tax rate is raised, but you get 47 exclusions all over the tax code.
I think it is time for a simple tax code: What is your revenue (not net income, too many games there,) multiply it by a simple number, say 2% or 3% of all income generated in the US, send it in. I know there will be arguments from companies that import/export, etc., ect.; but we have those now. The question is, which is a fairer system, which will likely generate enought to pay our governmental costs and start to pay down the debt: what we have now or a true flat revenue tax ?
To translate Mr. Cantor's threat. What he means to say is:
That once again, GOP is willing to crash the system unless the rest of us comply with their immediate demands. This time GOP is using the debt limit 'crisis' which they are creating, to try and push through unpopular measures.
Mr. Cantor aims to show that Government is incompetent by rendering it incompetent.
Cantor: Then why did you vote blindly to raise the debt limit 19 times while W was in charge?
Stop asking these people to see logic! It goes against their fundamental beliefs.
Cutting spending is not going to help reduce the deficit as long as Republicans give away all the savings to corporations and billionaires. I keep seeing articles stating that House Republicans have passed a bill that will reduce the deficit by 4.3 trillion over ten years (whoop-ti-do). Almost never do the articles state that the same bill gives tax cuts worth 4.2 trillion to the top 2%. How is that reducing the deficit?
Spot on. Cutting or reamping programs we can no longer afford is a reasonable approach in reducing the deficit ONLY if revenues are also increased. You can't raise revenues by reducing the marginal tax rate from 35% to 25%. Seems if the Bush tax cuts were repealed and the marginal rate for the wealthiest 1% of American was increased by 3%, we'd really make a giant dent in the deficit.
Meanwhile, back in Washington DC, Cantor is trying to get the People's work done while Obama is scurrying around the country campaigning, fund raising, and having town halls to put out his latest dose of propaganda. Obama will never go for some kind of binding arbitration. It would force him to actually take a position on something, and that's just not what Community Organizers do. Obama is more into obfuscation and less into clarity. Obama will let this thing go again to the bitter end, and once again he'll capitulate to the GOP and blame them for forcing him into a signing something he's against. Same old, lame old with Obama.
Rep. Cantor is probably home in Virginia since Congress has a two-week recess. And if you reduce the President's CV to that of community organizer, it's only fair to say that Rep. Cantor was a fraternity boy and lackey driver for a GOP pol.
JoAnna Smith_— With all the liberal dribble that finds its way onto this blog, it is always refreshing to read your posts. Someone has to be vocal about to hold this President's feet to the fire when it comes to being specific about anything.
I see no problem with Cantor calling for a speciifc deficit reduction goal and timeline from the President and not just some facade of a grouping of Republicans and Democrats led by the Vice President (who cannot even stay awake during the President's speeech or who came into the last budget shutdown working group long enough to say hello and then leave for an overseas trip). I expect nothing out of this group other than Presidental demagoguing that says he is "working the problem" while he is really just out campaigning and promising everything to every group out there in the Nation.
Obama's and the Democrats' hypocrisy is slowing being completely lifted for all to see. Republicans have been open to tax exemption elimination to restructure the tax code to get more people paying taxes... Heck , it is called out in the Ryan Plan, so that portion is achieveable if the Democrats really want to do anything along with spending cuts. What the Republicans are against are increases in the general marginal tax rates while increasing the number of people who wil lbe paying taxes without all the exemptions.
Fed up Senior: why is it necessary to reduce marginal rates from 35% to 25% for the top rates and for corporations? If our goal is to eliminate the deficit, wouldn't it be better to keep the rates the same, even let all of the Bush/Obama (call them what you will) tax rate reductions expire and eliminate the tax preference items (a/k/a loopholes) which are generally only available for the highest tax brackets ?
Proposing to reduce tax rates shows that Paul Ryan and the Republicans are not earnest in their desire to eliminate the deficit. The goals they espouse indicate they desire to reduce the tax rates on the highest earners while they simultaneously increase the cost of Medicare and Medicaid on the poor and middle class. Will the next step be an increase in tax rates on those earning less than $50,000, while giving a credit to those earning more than $1,000,000 ?
May GOD - where did this Cantor idiot come from? Clueless bastard!
Hay Cantor - any idiot can hold a post...but it take a leader to move it and make progress.
Don't you get tired of dancing around that pole?
I.E. saying no to everything the President and Democrats suggest - doesnt make you a leader.
TRUTH - not CRAP
Thank you and GOD BLESS AMERICA
The 'binding timeline' provision is a face-saving device that allows the Republicans to vote to raise the debt ceiling while also claiming that significant cuts will come on schedule. Let him have his prop.
@Fancy That: lets just hope the grown ups don't let the little children whine and complain that we're ruining their "Tea Party" to the point that the rest of the world starts believing them when they say "we're broke."
Its bad enough that S&P started to listen and downgraded us from "AAA+" with a positive outlook to
"AAA+" with a negative outlook. Not much, except that there has NEVER had a negative outlook on the US credit rating until the Republican's took record control of the House.
ROTFLMAO - More "blame it on the republicans" Apparently you can't see that the current European sovereign debt crises could apply to us as well or that the IMF is also concerned about our lack of control.
Yep, we now live in a global economy and all you think about is I want more from the US government.
Why not start promoting that the rating agencies consist only of republicans?
The IMF is concerned because we might decide, as part of the budget tightening we do, that we will reduce the amount of money we give to the IMF. This is one organization which is a black hole on US finances.
What would happen if the US pulled out of the IMF ? There's $45BILLION taken right out of the deficit. As someone said, "A billion here, a billion there, pretty soon your talking real money."
Regardless, the fact is the Republicans took control of the House at the beginning of this year and shortly thereafter, S&P downgraded its rating on the US. Both are facts. Is there a direct correlation, I don't know, but both are true statements.
I just hope the people who are claiming to be in charge of the Republican party don't let the "Tea Party" decide to play games with the "full faith and credit of the United States."
dirp - You imply a direct correlation by your mannerof posting. Do you think that if obama and company maintained control of the house that S&P still wouldn't have given the US a negative rating? Think about it, S&P's rating was based on the assumption that the US could/would not address our medium and long term debt within the next two years, based in part on the divisivness between the L & R.
Obamas original FY2012 budget only had cuts of $1.1 trillion over 10 years to address the deficit/debt. His debt commission made their recommendations which obama ignored. Do you really think that obama and company would have pursued the cuts required? Based on his and congresses actions in 2009 & 2010, I doubt it. Would the ratings agencies have ignored it if no one complained?
The way i look at it Both parties have a responsibility to belly up to the negotiations table and hash out a deal. I don't buy the logic that "if you don't give me x y and z i won't do my job". That goes for BOTH sides of the fray.
That's like hurrying to a fire with a can of gas to put it out! Thank you Ann Dunham! Thank you Mr. President for a job well done! This mid-term election has shown how screamers and yeller's can get one's attention. It's nice to see economist can see the light and we are in fact going in the right direction. In this two-week respite from legislation we'll see and hear the Republican and TEA parties rhetoric in unison. They are all singing out of the same play book. They'll lie about spending and birthing. Too bad we can't have all political advertisements justified with proven verification from three sources prior to airing. President Obama should be given the respect the office commands, but he isn't. This man has had to fight for everything since his inauguration. The bigots and prejudiced hammer him with lies and innuendos just because he won the presidency. I'll say this; President Obama is considerate and thoughtful before he acts. He is such a far cry from his predecessor and such a great thinker. We must have him president four more years! President Obama, I call him that because I respect the office and the man in it, has fought on many levels antagonist and naysayers as well as the Republican and TEA parties. This man inherited the Bush fiasco and budget crisis. The president has done a huge portion of what he promised and has been stymied post mid-term election. What a man! What a man! President Obama, you're such a nice guy! It's radical from radical Republicans and radical TEA party-ers! It's radical because millionaires on Wall Street get million dollar bonuses and bankers rake in the cash and stock while our congress men and women have their own medical and retirement funds. The president has proposed cutting spending, raising taxes and squeezing federal health care programs. The Republican plan rules out tax cuts and would give nearly $6 trillion in savings from spending cuts placed into the GOP coffers and bastardizing the Medicare and Medicaid systems with state controlled vouchers. Mr. President, you really don't have to be so nice. McCain was born in the Panama Canal zone and no one is questioning his birth certificate. You are so nice! Stop being nice! Tell them about the richest 2% who own 40% of America not paying their fair share of taxes and the mega-corporations with mega-subsidies who don't pay taxes. Take off the gloves! throw down the gauntlet! I'll say this; President Obama is considerate and thoughtful before he acts. He is such a far cry from his predecessor and such a great thinker. We must have him president four more years!
Cantor continues the fallacy of Paul Ryan. I am surprised that Paul Ryan, Eric Cantor, or John Boehner have not made a stand to end the war in (at least) Iraq. War is one of the, if not the most costly endeavors a country can get into. They have not proposed cutting farm subsidies, they have not proposed cutting flood insurance. I can see the government insuring a homeowner for flood insurance, but, it makes absolutely no sense at all to continue to insure the same people to rebuild their homes in the same location so that they essentially get a new home every so often. There are many places where the budget can, and should be cut. Why do we need 16 different intelligence gathering agencies? Why is the Pentagon allowed to buy whatever shiny new toy comes down the pike, only to be declared obsolete by the next shiny new toy? It appears neither party is willing to make tough choices, but, it also seems that the Republicans are bent on destroying any program that helps the poor or middle class while demanding more tax cuts for the rich, and more tax loopholes for the corporations.